§ Mr. Corrieasked the Secretary of State for Scotland whether he has determined a revised financial duty for the industrial investment function of the Scottish Development Agency; and if he will make a statement.
§ Mr. YoungerThe Scottish Development Agency has been informed of my determination of its revised financial duty in the following terms
The financial duty of the agency will be to be guided, in its decisions to invest and to dispose of investments, by the aim to achieve over a rolling five-year period a cash return at least equal to the cost of Government borrowing over the same period. The period reflects the working assumption that the life of agency investments will on average be five years. The target will be agreed in each year with the Scottish Economic Planning Department for the total cash financial return in the coming year. Figures illustrating the performance of the agency in relation to this duty will be published in the annual accounts".